BRICS is a association of five major emerging national economies BRAZIL,RUSSIA,INDIA and SOUTH AFRICA.
BRICS members have all leading developing industrialized countries.
However, BRICS countries have significantly slowdown a year from 1994 to 2009.
- BRAZIL in the worst recession since the 1930's by some one measures.
- RUSSIA in a recession as oil prices tailspin and sanction weigh
- CHINA's slowdown is set to be a drag on global growth and reported to the slowest in the last 25 years.
So, the BRICS nations have met annually at formal summits. A full scale meeting was held in Yekaterinburg, Russia on June 16,2009.
ENTERING SOUTH AFRICA:
Firstly they are grouped as BRIC before the addition of South Africa. In 2010, South Africa begin to join the BRIC grouping, the process begin in august of that year and officially become a member on 24th Dec,2010.Then Group was renamed BRIC-with adding "S" stand for South Africa which reflect the group expand membership.
The first formal summits held in Yekaterinburg, Russia on 16 June,2009 with the prime ministers of four countries. The meeting mainly focuses on means of improving Global Economies situation and Reforming Financial Institutions.
- BRICS represents over 3 million people which contain 42% of all over the world.
- These five nation have a nominal GDP of 16.039 trillion US dollars which is equivalent to approximate 20% of Gross world Product
In June 2012, The BRICS nation pledged 75 billion dollars to boost the lending power of the IMF(International monitory Fund)
The BRICS summits always resulted prosperity to its countries but now India hoped for an endorsement to its concerns about terrorism from the nations of BRICS but due to China, which is mindful of its concerns and important aspects,refused to come along with India in its battle for peace against the terrorist supporters.
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